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The IFRIC considered comment letters received on its proposals not to address the criteria for classifying expenditures as 'operating' or 'investing' in the statement of cash flows, but instead refer the issue to the IASB as IAS 7 was considered ambiguous in this respect.

IFRIC considered a request for it to provide guidance on the appropriate interpretation of IAS 39 paragraph 2(g), which exempts from the scope of IAS 39 'contracts between the acquirer and a vendor in a business combination to buy or sell an acquiree at a future date'.

The IFRIC considered how to proceed with two scope issues related to IAS 39: (1) assessing the economic environment in which the transaction takes place in the context of determining whether a currency is commonly used in contracts to buy or sell non-financial items and thus is not an embedded foreign currency derivative requiring separation (2) whether the fair value option in in paragraph 11A can be applied to all contractual arrangements with one or more embedded derivatives, including contractual arrangements with hosts outside the scope of IAS 39.

Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee (“DTTL”), its network of member firms, and their related entities. DTTL and each of its member firms are legally separate and independent entities. DTTL (also referred to as “Deloitte Global”) does not provide services to clients. Please see www.deloitte.com/about for a more detailed description of DTTL and its member firms.

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